ezyCollect has released an enhancement on the automatic payment allocation settings [15/07/2024], providing you with greater flexibility and control over how payments are recorded in your ERP or accounting software. With these enhancements, you can tailor the payment allocation process to meet your specific needs and preferences.
Current and Default Settings:
Bank Account Transfer: Payments are allocated on clearance, but still waiting for the funds to settle.
Credit Card: Payments are allocated when payment clears, offering real-time and instantaneous allocation.
Important: If you have changed your settings prior through a request to our team, this will be applied and no further action from you.
New Configuration Options:
Bank Account Transfer:
On Payment Completed: Payments are allocated instantly without any confirmation. Note that payments can still fail or clear at this stage.
On Payment Cleared: Payments are allocated when the bank account gets cleared. This indicates a successful payment, though settlement may still be pending.
On Settlement: Payments are allocated once funds are successfully settled to the nominated bank account, which can take 1-3 business days.
Credit Card:
On Payment Cleared: This remains the default setting, where payments are allocated as soon as we receive a successful payment response.
On Settlement: Payments are allocated upon settlement, which can take 1-2 business days.
Important: If you have changed your settings prior through a request to our team, this will be applied and no further action from you unless you want to update it.
How to Change or Update this Settings:
Login to your ezyCollect file. You must have manager access to be able to action this.
Go to Settings → then Payment Settings.
Under Payment Reconciliation Settings, Automation Payment Allocation, click Edit.
Status - Enabled or Disabled
Disabled: This can only be updated by ezyCollect admin user by setting up your automated payment allocation with your ERP. This is usually done by our technical / implementation team. Please contact us on helpdesk@ezycollect.com.au to help you enable this.
Enabled - Once this is enabled then you can make the changes accordingly.
Sales Order - this is only applicable if sales order automatic allocation is supported by your ERP/Accounting software and ezyCollect. See the new configuration settings for more details.
Invoices - this is only applicable if invoice automatic allocation is supported by your ERP/Accounting software and ezyCollect and through ezyCollect reminders. See the new configuration settings for more details.
Important Notes: ERP / Accounting Software supported by ezyCollect includes Xero, MYOB ARLive, MYOB EXO, MYOB Advanced, Accumatica, Microsoft Business Central, Sage 300, JCurve and NetSuite and this may vary between Sales orders and invoices. The settings above do not apply to payment allocation that uses Webhooks integrations. If any questions, please contact your customer success manager or our support team at helpdesk@ezycollect.com.au
Settings above are only applicable for ezyCollect Payments and cannot be changed for any other payment providers.
How This Feature Benefits You:
Increased Flexibility: You can now choose the allocation timing that best fits your business operations. Whether you prefer immediate allocation for faster transaction processing or a more conservative approach by waiting for settlement, the choice is yours.
Improved Financial Accuracy: By selecting the appropriate allocation stage, you can ensure your financial records are as accurate as possible. This is particularly important if you need to maintain precise cash flow statements and balance sheets.
Risk Management & Audit Trail: The ability to allocate payments at different stages helps you manage risk more effectively. Waiting for payment clearance or settlement can reduce the risk of recording failed transactions, thereby improving the reliability of your financial data and ensuring accounts are 100% reconciled with bank statements. If your companies require audits, the new settings provide visibility of your accounting settings in the platform which can be used as process documentation for the audit process.
Please note that if you are choosing the automatic payment allocation before funds are settled, you need to have risk mitigation strategies in place in case payment fails. Manual action needs to be taken to ensure invoice is open again for payment as ezyCollect cannot revert back the previous allocation.
Operational Efficiency: Automating the allocation process according to the selected stage reduces manual intervention, saving time and reducing the potential for errors. This leads to more streamlined financial operations and allows your staff to focus on higher-value tasks.
Better Cash Flow Management: With more control over when payments are recorded, you can better manage your cash flow. This is particularly beneficial for planning and forecasting, as it allows for more accurate prediction of fund availability.